ECONOMY

Cyprus requests bailout from Brussels

Eurozone member Cyprus has formally requested a bailout package from its partners in the European currency union to help it shore up its banks.

The island nation’s government said on Monday that it required assistance following «negative spillover effects through its financial sector, due to its large exposure in the Greek economy.”

Cypriot banks were big holders of Greek government bonds, whose value was written down sharply this year.

The request makes Cyprus the fifth eurozone country to seek foreign aid from its partners in the currency union.

[AP]